CBN Adds Fresh $100m in Forex Market for Nigerian Pilgrims

By Modupe Gbadeyanka

An additional $100 million has been released into the foreign exchange (forex) market by the Central Bank of Nigeria (CBN) to cater for Nigerians in need of Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) for pilgrimages.

In a statement issued by its image maker, Mr Isaac Okorafor, the apex bank described as worrisome reports that some banks were not selling forex to genuine customers in need of Dollars to perform their religious rites.

“The Central Bank of Nigeria (CBN) has reliably gathered that some banks are turning back customers that come to purchase BTA/PTA and forex for pilgrimage.

“We hereby appeal to bank customers to go straight to their banks to buy forex as the CBN has supplied enough dollars to the Banks to meet needs in the invisibles segment,” the CBN spokesman said in a statement on Thursday.

The apex bank said it has released additional $100 million into the market to meet demands of Nigerians travelling for pilgrimage.

This comes a day after the central bank injected $210 million into the forex market to cater for the needs of customers.

The CBN had sold $100 million to dealers in the wholesale sector, while those in the Small and Medium Enterprises (SMEs) and Invisibles segments received $55 million each.

According to Mr Okorafor, the fresh $100 million was released to protect customers from the activities of speculators who might want to capitalise on the increase in demand for forex at this time to make brisk gains.

He urged customers to call 07002255226 within 24 hours to report any bank that refuses to sell forex to them.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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